Business & Tech
Report: Barnes & Noble Chairman Seeks to Buy Retail Stores
Leonard Riggio has made a bid for the store's retail assets, including locations close to Potomac.
Barnes & Noble Inc. Chairman Leonard Riggio is seeking to buy the bookselling giant's retail assets, CNN Money reported.
According to the report, the bookstores have struggled as the popularity of e-readers increases. Holiday sales at the company's bookstores and websites dropped nearly 11 percent last year, according to the report.
Barnes & Noble said it has put together an independent committee to review the proposal and to oversee any negotiations, The Los Angeles Times reported.
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The company in January said it would close some of its retail stores over the next 10 years, though a spokeswoman told Patch that there were no plans to close the Bethesda location.
The potential sale wouldn't include the division that oversees Barnes & Noble's Nook e-reader, according to The Times.
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